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Hong Kong Food Investment fiscal H2 profit falls YOY

Hong Kong Food Investment Holdings Ltd said its normalized net income for the fiscal second half ended March 31 amounted to 1 Hong Kong cents per share, a decline of 50.5% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$2.9 million, a decrease of 50.5% from HK$5.8 million in the year-earlier period.

Total revenue grew 11.9% year over year to HK$110.3 million from HK$98.6 million, and total operating expenses rose 9.2% from the prior-year period to HK$124.6 million from HK$114.1 million.

Reported net income declined 73.2% year over year to HK$4.8 million, or 2 cents per share, from HK$17.9 million, or 7 cents per share.

For the year, the company's normalized net income totaled 4 cents per share, a decline from 4 cents per share in the prior year.

Normalized net income was HK$10.0 million, a fall from HK$10.3 million in the prior year.

Full-year total revenue decreased 6.4% on an annual basis to HK$216.8 million from HK$231.6 million, and total operating expenses fell 7.3% on an annual basis to HK$240.6 million from HK$259.5 million.

The company said reported net income decreased 14.7% year over year to HK$21.6 million, or 8 cents per share, in the full year, from HK$25.3 million, or 10 cents per share.